Galaxy Research: Strategy Bitcoin holdings fastest—will surpass Satoshi by November

Galaxy Digital research head Alex Thorn published an analysis on the X platform on April 23, pointing out that Strategy (MSTR)’s bitcoin holdings have become the largest bitcoin-holding institution globally, predicting that the company could at the earliest surpass Satoshi Nakamoto’s estimated 1,096,000 BTC holdings by November 2026.

Galaxy Research Predictive Analysis

（Source：Galaxy Research）

According to a post this week by Galaxy Digital research head Alex Thorn on the X platform, Thorn directly quoted: “The number of bitcoins currently held by the company Strategy (MSTR) has already surpassed IBIT, the world’s largest bitcoin fund. Strategy will likely surpass Satoshi Nakamoto within the next two years.”

Thorn also shared a chart showing Strategy’s holdings growth curve pointing to the 1,096,000 BTC holdings target estimated for Satoshi Nakamoto. Based on the Galaxy model, at the current growth pace, Strategy could at the earliest surpass the above estimated target in November 2026.

Strategy’s Recent Purchase Data and Current Holdings

Based on Strategy’s public disclosures, during the period from April 14 to April 20, the company purchased about $2.54 billion worth of 34,164 bitcoins, bringing its total holdings to 815,061 BTC—exceeding IBIT’s approximately 806,178 BTC—making it the largest bitcoin-holding institution in the world.

Strategy raised acquisition funding by issuing stock at-the-market, including its STRC preferred stock, whose annualized yield is 11.5%.

Saylor and Schiff’s Public Statements

According to a post on the X platform published by Michael Saylor on April 23, Saylor wrote “Winter is Over” and attached an AI-generated image.

Gold advocate Peter Schiff criticized the structure of STRC preferred stock, quoting: “The main difference between a typical Ponzi scheme and $STRC is that the former’s organizers won’t tell you that it’s a Ponzi scheme, and they also won’t tell you that when the number of new buyers runs out, your payments will stop.” Schiff pointed out that STRC dividends depend on continued capital raising rather than the company’s operating income.

According to the public filings Strategy submitted to the U.S. Securities and Exchange Commission (SEC), the company has disclosed the risks related to STRC. In response, Saylor said that bitcoin only needs to rise 2.05% per year to cover all preferred stock dividends indefinitely.

Frequently Asked Questions

When might Galaxy Research predict that Strategy could surpass Satoshi Nakamoto’s bitcoin holdings?

Based on the analysis published this week on the X platform by Galaxy Digital research head Alex Thorn, the Galaxy model shows that, at the current growth pace, Strategy could at the earliest surpass Satoshi Nakamoto’s estimated 1,096,000 BTC holdings in November 2026.

What are the specific details of Strategy’s most recent bitcoin purchase?

According to Strategy’s public disclosures, during the period from April 14 to April 20, 2026, the company purchased 34,164 bitcoins for approximately $2.54 billion, bringing its total holdings to 815,061 BTC—exceeding BlackRock IBIT (about 806,178 BTC)—to become the world’s largest bitcoin-holding institution.

Did Strategy disclose the related risks of STRC preferred stock in its SEC filings?

According to the public filings Strategy submitted to the SEC, the company has made an official disclosure of the related risks of STRC preferred stock; Saylor said that bitcoin only needs to rise 2.05% per year to cover all preferred stock dividends indefinitely.